banner

Advertisement

Uniswap Buys Marketplace Genie to Integrate NFT Trading Into its DEX

Uniswap Labs is planning to integrate NFTs into the largest decentralized exchange via the acquisition of Genie, an NFT marketplace aggregator, according to a post on the company’s website. 

Uniswap Buys Marketplace Genie to Integrate NFT Trading Into its DEX

Uniswap Labs is planning to integrate NFTs into the largest decentralized exchange via the acquisition of Genie, an NFT marketplace aggregator, according to a post on the company’s website. 

Genie, founded in 2021, allows users to buy NFTs from across different marketplaces in a single purchase. This acquisition comes less than two months after NFT marketplace OpenSea purchased Genie competitor Gem.

Genie had 18,061 transactions and 8,050 ETH ($14.2M) traded in the last 30 days, according to Dune Analytics. This compares with Uniswap V3’s trading volume of $129.35B over 483,562 transactions in the same time period, according to DappRadar.

The acquisition amount was not disclosed.

Uniswap also plans to integrate NFTs into developer APIs and widgets to build a developer ecosystem around this asset class.  

USDC Airdrop

Uniswap will be airdropping USDC to anyone who used Genie at least once before April 15 or who holds a Genie Genesis NFT. 

This is not Uniswap’s first time working with NFTs. In 2019, the team launched Unisocks, linking physical socks with NFTs, and allowing the tokens to trade via a liquidity pool and bonding curve, just like the fungible assets on their DEX. 

“We see NFTs as another format for value in the growing digital economy—not a separate ecosystem from ERC20s—and they’re already an important gateway to web3,” wrote the team in a June 21 memo.

Get Smarter on DeFi and Web3

Get the 5-minute newsletter keeping 75K+ crypto innovators in the loop.